Title: NOTE 1 - BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: BASIS OF PRESENTATION - The accompanying schedules of expenditures of federal awards and state financial assistance summaries the expenditures of the Knoxville-Knox County Planning Commission (the Commission) under federal programs for the ended June 30, 2024. Because the schedules present only a selected portion of the operations for the Commission, they are not intended to, and do not present, the financial position, changes in net position, or cash flows of the Commission. For purposes of the schedule of expenditures of federal awards, expenditures for federal programs are recognized on the modified accrual basis of accounting. Federal awards include all grants, contracts, and similiar agreements entered into directly between the Commission and agencies and departments of the federal government, and all subawards to the Commission by nonfederal organizations pursuant to federal grants, contracts, and similiar agreements. In compiance with Tennessee state law, the accompanying schedule of federal expenditures of state funded financial assistance, as defined by the State's Comptroller's Office, and is prepared and presented in a manner consistent with the schedule of expenditures of federal awards. INDIRECT COSTS - Many of the Commissions federally funded programs allow indirect costs to be charged and include them as a line item in the grant budget. However, if the grant budget does not specifically provide for indirect costs to be charged, none of the indirect costs are reports as costs to the grantor nor are the costs included or presented in the schedule of expenditures of federal awards and state financial assistance. The Commission has elected to use the 10% de minimis rate as allowed under the Uniform Guidance for the Section 5310 Federal Grant program only.
De Minimis Rate Used: Both
Rate Explanation: See significant accounting policies used in preparing the SEFA - INDIRECT COSTS.
The accompanying schedules of expenditures of federal awards and state financial assistance summaries the expenditures of the Knoxville-Knox County Planning Commission (the Commission) under federal programs for the ended June 30, 2024. Because the schedules present only a selected portion of the operations for the Commission, they are not intended to, and do not present, the financial position, changes in net position, or cash flows of the Commission. For purposes of the schedule of expenditures of federal awards, expenditures for federal programs are recognized on the modified accrual basis of accounting. Federal awards include all grants, contracts, and similiar agreements entered into directly between the Commission and agencies and departments of the federal government, and all subawards to the Commission by nonfederal organizations pursuant to federal grants, contracts, and similiar agreements. In compiance with Tennessee state law, the accompanying schedule of federal expenditures of state funded financial assistance, as defined by the State's Comptroller's Office, and is prepared and presented in a manner consistent with the schedule of expenditures of federal awards.
Title: INDIRECT COSTS
Accounting Policies: BASIS OF PRESENTATION - The accompanying schedules of expenditures of federal awards and state financial assistance summaries the expenditures of the Knoxville-Knox County Planning Commission (the Commission) under federal programs for the ended June 30, 2024. Because the schedules present only a selected portion of the operations for the Commission, they are not intended to, and do not present, the financial position, changes in net position, or cash flows of the Commission. For purposes of the schedule of expenditures of federal awards, expenditures for federal programs are recognized on the modified accrual basis of accounting. Federal awards include all grants, contracts, and similiar agreements entered into directly between the Commission and agencies and departments of the federal government, and all subawards to the Commission by nonfederal organizations pursuant to federal grants, contracts, and similiar agreements. In compiance with Tennessee state law, the accompanying schedule of federal expenditures of state funded financial assistance, as defined by the State's Comptroller's Office, and is prepared and presented in a manner consistent with the schedule of expenditures of federal awards. INDIRECT COSTS - Many of the Commissions federally funded programs allow indirect costs to be charged and include them as a line item in the grant budget. However, if the grant budget does not specifically provide for indirect costs to be charged, none of the indirect costs are reports as costs to the grantor nor are the costs included or presented in the schedule of expenditures of federal awards and state financial assistance. The Commission has elected to use the 10% de minimis rate as allowed under the Uniform Guidance for the Section 5310 Federal Grant program only.
De Minimis Rate Used: Both
Rate Explanation: See significant accounting policies used in preparing the SEFA - INDIRECT COSTS.
Many of the Commissions federally funded programs allow indirect costs to be charged and include them as a line item in the grant budget. However, if the grant budget does not specifically provide for indirect costs to be charged, none of the indirect costs are reports as costs to the grantor nor are the costs included or presented in the schedule of expenditures of federal awards and state financial assistance. The Commission has elected to use the 10% de minimis rate as allowed under the Uniform Guidance for the Section 5310 Federal Grant program only.